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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Algorand Price Moves Against The Tide, ALGO Rises 22% In One Week

Reynaldo Marquez
Reynaldo Marquez
2 years ago
3 mins read
Algorand Price ALGO ALGOUSDT

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While large cryptocurrencies, such as Bitcoin and Ethereum, trade in the red, the Algorand price continues to see profits. Over the last day, this cryptocurrency has been one of the best-performing assets in the sector.

Related Reading: Fed Interest Rates Hike Spur Crypto Market Liquidations Of More Than $330 Million

At the time of writing, Algorand price trades at $0.36 with a 14% profit and a 21$ profit in the last 24 hours and 7 days, respectively. The cryptocurrency’s performance over this period has only been surpassed by XRP with a 28% profit and Chiliz (CHZ) with a 29% profit.

Algorand price ALGO ALGOUSDT
ALGO’s price on a rally in the 4-hour chart. Source: ALGOUSDT Tradingview

Algorand Price Reacts To Ecosystem Developments

Data from DeFi Llama indicates that the Algorand price short timeframe rally is supported by a spike in network activity and ecosystem growth. Over the past week, Algorand’s total value locked (TVL) has followed the price with a 13% spike or $250 million onboarding the network.

Algorand’s TVL growth has surpassed Binance Smart Chain, Stellar network, Arbitrum, Avalanche, and others. This trend seems to be rooted in a hike in development activity in Algorand.

Additional data from research firm Santiment indicates that Algorand has been the 4th blockchain in terms of activity on a weekly timeframe. Surpassed by Ethereum, Polkadot, and Solana, Algorand has seen over 70 projects build on its ecosystem.

Algorand price ALGO ALGOUSDT CHART 2
Source: Santiment via Polkadot Insider

This coincides with a series of partnerships, and projects announced for the ecosystem. The most important seems to be a cooperation with the Federation International Football Association (FIFA) to host a non-fungible token (NFT) and marketplace.

In the coming months, FIFA will celebrate the world cup with the best football teams in the world. This event attracts the attention of millions of fans around the world. The Algorand-based project called FIFA Plus Collect will provide people with a unique experience by allowing them to “own the greatest moments in football history”.

The FIFA+ Marketplace is live now! Start building your personal collection and be part of the richest and most authentic football legacy of all time. Enjoy the FIFA+ Collect experience. https://t.co/gRoXHzhVHJ #fifa #fifaplus #fifapluscollect #algorand pic.twitter.com/SWJzDCjbve

— FIFAPlusCollect (@FIFAPlusCollect) September 22, 2022 

Can ALGO Sustain Its Gains?

In addition to important partnerships and development activities, the Algorand price seems to be positively reacting to a mainnet network upgrade. Implemented with AVM 7, this update is said to bring quantum security to the blockchain with an improvement over its smart contract functionality.

The announcement seems to have captured the attention of market participants. The Algorand price’s performance seems to be a translation of the upgrade and network activity.

At the time of writing, Algorand’s price is coming into heavy resistance at its current levels. In order to sustain the current bullish momentum, the cryptocurrency must break above 3 critical levels: $0.36, $0.43, and $0.51.

Related Reading: Algorand (ALGO) Posts Double-Digit Price Drops In Last 30 Days

The current state of the crypto market might cap ALGO’s price upward trajectory. The market is reacting to macroeconomic force, but if Bitcoin and Ethereum can reclaim higher levels, Algorand might gather enough momentum for a breakout above resistance.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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